MONTREAL, May 10, 2012 /CNW Telbec/ - GeoVenCap Inc. (TSXV: GOV) ("GeoVenCap") is pleased to announce that the summer work programs on the Williams Brook and Upsalquitch gold projects located in northern New Brunswick are planned to start in the second half of May. Initial trenching programs will test gold and polymetallic targets with drill programs planned to follow an assessment of trench results.
Previous diamond drilling at Williams Brook had identified broad alteration zones within felsic volcanic rocks that included shallow intersections of 0.72 g/t Au over 38.0 meters (25.0 meter estimated true thickness) in hole WB-08-03 and 0.91 g/t Au over 28.0 meters (23.3 m estimated true thickness) in WB-08-04. Higher grade mineralization was intersected in quartz veins and quartz veined felsic volcanic rock with up to 11.2 g/t Au over 2.8 meters (<0.5 meter estimated true thickness) in WB-08-11. An extensive trenching program is planned to further define the gold-bearing alteration zones and locate gold-bearing quartz veins to be followed up by diamond drilling.
The Upsalquitch Gold Project is an extensive group of claim properties that covers 26,159 hectares around the Williams Brook Project area. Numerous gold and polymetallic geochemical targets have been identified on the Upsalquitch Project that will be followed up in 2012.
Prospecting carried out in 2011 to follow up a soil geochemical anomaly (16-63 ppb Au) identified numerous quartz boulders that returned anomalous gold values ranging from <2 to 96 ppb Au as well as three that returned significant grades of 40.50, 2.76 and 4.64 g/t Au. An induced polarization survey has identified chargeability anomalies adjacent to the gold-bearing boulders and anomalous soil samples, which lie approximately 2 km south of gold discoveries on the adjacent Williams Brook property. Trenching is planned to test these targets with possible diamond drill follow up.
Soil geochemical surveys carried out between 2009 to 2011 identified anomalous Au values over a distance of approximately 3 km located 4 km south of the Williams Brook property. Soil analysis within this anomalous trend range from <2 to 356 ppb Au with the highest Au values proximal to an interpreted intersection of two mapped regional faults. Planned follow up work includes geological mapping, prospecting, geophysical surveys and trenching with possible diamond drilling contingent on trenching results.
In 2010, a soil geochemical survey carried out approximately 12 km northeast of the Williams Brook property identified an impressive multi-element anomaly with metal values up to 86.5 ppm Ag, 51 ppb Au, >5000 ppm Pb, 1550 ppm Zn, 1410 ppm Cu, 441 ppm Sb, and 134 ppm Mo. There were numerous high values returned in the analyses for these metals; for instance, 53 samples from this survey grid were above 1.0 ppm silver and these averaged 10.2 ppm silver. Background values in the region are less than 1.0 ppm silver. Anomalous metal values extend 600 meters north-south throughout the survey grid with the core of anomalous values occurring up to 150 meters east-west. A historical mineral showing, referred to as the "Upsalquitch Forks" occurrence is located about 700 meters from the soil survey grid. The Upsalquitch Forks showing has been classified as skarn-type in the New Brunswick Department of Natural Resources mineral occurrence database, and is described as being hosted by both limestone and syenite with historical assays from grab samples giving 2% Zn, 1% Pb, 275 g/t Ag and 0.2% Cu. An induced polarization survey has identified a chargeability anomaly associated with this soil anomaly and has also identified anomalous chargeability approximately 600 meters to the northeast where anomalous gold values were identified in soil samples with up to 155 ppb Au. A trenching program is planned as an initial assessment of induced polarization targets in this area; however, due to locally steep topography, the most favorable part of the primary IP/soil target can only be tested by diamond drilling, which is planned to follow the trenching program.
Another soil geochemical anomaly, located approximately 6 km northeast of the Williams Brook property, trends northeast with anomalous metal values over an area approximately 960 x 360 meters. Zinc and arsenic are commonly anomalous in this area with values ranging from 21 - 4290 ppm Zn and 11 - 593 ppm As and locally anomalous metals include Cu (2 - 214 ppm), Mo (< 1 - 38 ppm), Pb (6 - 246 ppm) and Sb (< 0.1 - 6.6 ppm).
In 2011, a soil survey was carried out in the northeastern part of the Upsalquitch Project to cover the western part of a historical soil geochemical anomaly in order to confirm historical values and determine the western extent of that anomaly. Historical soil values ranged up to 284 ppm Pb, 1400 ppm Zn and 6.7 ppm Ag. The 2011 survey identified the following metal ranges within the anomalous area: Zn (35 - 2510 ppm), Ag (< 0.3 - 2.8 ppm), Pb (11 - 266 ppm), As (10-314 ppm) and Sb (1.0 - 6.5 ppm). Geological mapping, prospecting and geophysical surveys are planned to develop targets for trenching and/or diamond drilling.
Several significant antimony (Sb) soil geochemical anomalies have been identified on the Upsalquitch Project that include two anomalies located 3-4 km north of the Williams Brook property, each approximately 1 km long with values ranging from 0.6 to 19.6 ppm Sb. Anomalous soil values located 6 km north of the Williams Brook property run up to 27.1 ppm Sb and 2 km further north a soil anomaly covers approximately 500 x 200 meters with values ranging from 0.4 to 25.3 ppm Sb and with locally anomalous Cu that ranges from 3 to 160 ppm Cu. An antimony anomaly in soil in the northeast part of the Upsalquitch Project includes up to 48.5 ppm Sb and is coincident with a weak chargeability anomaly.
Further soil geochemical sampling, geological mapping and prospecting are planned to follow up various other locally anomalous soil geochemical values that include 126 ppb Au, 130 ppb Au, 562 ppm Zn and 1390 ppm Zn in the northern part of the Upsalquitch Project, 109 ppb Au in the central part of the project, and 7.1 ppm Ag in the western part of the project.
Soil geochemical and rock analyses were performed by Activation Laboratories using the Au+48 method (Code 1H) that employs both ICP and INAA analytical techniques. Gold analyses reported for rock samples over 1 g/t were analyzed by fire assay with gravimetric finish (Code 1A3-50). Soil geochemical survey results discussed in this news release include results from 2009 surveys that were previously reported in 2010 and results from soil geochemical surveys carried out in 2010 and 2011 that have not previously been reported.
The company reports that it has appointed Canadian Stock Transfer Company Inc. (CST), 2001 University Street, Suite 1600, Montréal, Québec, H3A 2A6 (additional transfer point at 320 Bay Street, B1 Level, Toronto, Ontario, M5H 4A6), as the company's new registrar, transfer and escrow agent in replacement of Olympia Trust Company.
The company also reports that it has issued a total of 1,155,000 incentive stock options on May 9, 2012, subject to regulatory approval. Officers and directors of the company were granted 930,000 incentive stock options and the balance was issued to employees and consultants of the company. These incentive stock options are exercisable at $0.25 with an expiry date of May 9, 2017. There is an eighteen month vesting period, which includes a four month hold period expiring on September 9, 2012.
Arthur Hamilton, P.Geo., Director of Exploration for GeoVenCap Inc. is a Qualified Person as defined under NI 43-101 guidelines and has reviewed the technical information contained in this release.
GeoVenCap is a mineral company focused on exploration principally for silver and gold in northern New Brunswick. Its priority is to explore and develop four highly prospective projects located between 30 and 105 km west and southwest of the city of Bathurst, New Brunswick: the California Lake Silver Project, the Upsalquitch Gold Project, the Williams Brook Gold Project and the Bathurst Mining Camp - Base Metal Project. These projects are in close proximity of mines and advanced projects owned by Xstrata, Votorantim and Trevali Mining.
Forward-Looking Statements. This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
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